Significant Judgments, Estimates and Assumptions

12 Months Ended

Dec. 31, 2024

Significant Judgments, Estimates and Assumptions

Significant Judgments, Estimates and Assumptions

3. Significant Judgments, Estimates and Assumptions

The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The accounting for the Company's position in regards to the Notice of Assessment and Statement of Interest (“NOA”) received from the Canada Revenue Agency ("CRA"), described in Note 8, required significant judgment and an assessment over whether it is more likely than not that the Company's tax position will be sustained. The matter required management to evaluate the tax technical merits and assess the likelihood of its resolution at appeals or through litigation.